Lockheed Martin's F-35 Could Be Delayed by Three Years

Lockheed Martin Corp.'s (LMT) new F-35 fighter jet could be delayed by as long as three years, with development costs soaring by as much as $5 billion, Reuters reported.

The Pentagon has estimated the cost of the F-35 program could top $380 billion, its most expensive weapons program ever. The program was restructured earlier this year, adding 13 months to the development phase.

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The new delays are because of problems with software development for the plane and technical problems with the short takeoff and landing Marine Corps version of the new plane, Reuters reported without naming its sources.

The Marine Corps version of the plane would need an extra two or three years of development.